A Quezon City trial court has sentenced a former school owner to maximum imprisonment of seven years and a P50,000 fine for failure to remit contribution payments of employees to the Social Security System (SSS), court records showed.
Regional Trial Court Judge Bayani Vargas found Lolita Albano, who used to own the Cainta, Rizal-based Twinpeak Learning Center, guilty of failure to remit P94,407 in delinquent SSS payments from July 1992 to June 1998.
“Since the prosecution was able to prove the guilt of the accused beyond reasonable doubt, this court could only hand down a guilty verdict,” the judge said.
The court ordered the arrest of Albano after she jumped bail and evaded the scheduled hearings since her arraignment on September 2000, which the judge found as an admission of guilt.
Albano ignored SSS’ billing and demand letters and made only one partial payment of P13,403 after the pension fund charged her in court. Florentino Alberva, the SSS account officer who handled the case, testified that an employee filed a complaint against Twinpeak on her unpaid contributions in 1998.
SSS Senior Vice President for Legal and Collection Group Amador Monteiro said the decision served as a warning to delinquent employers violating the Social Security Law, which provides imprisonment of up to 12 years.
“The law requires employers to pay SSS contributions on or before the tenth day after the applicable month,” Monteiro said. “Failure to do so denies workers access to SSS benefits and loans during times of financial need.”
SSS collects P797M, sues 1,600 delinquent employers
The Social Security System (SSS) has collected a total of P796.77 million in overdue contributions from delinquent employers last year after the agency took legal action against them, a top official said today.
SSS President and Chief Executive Officer Romulo Neri said the SSS has sued a total of 1,623 employers in 2008 for violations of the Social Security Law, which carry fines of up to P20,000 and a maximum imprisonment of 12 years.
Among those charged were more than 200 employers that failed to register and refused to present employment records to SSS account officers, who monitor companies’ compliance with the law.
“The rest of the cases were for non-remittance of contributions, which remains as the most common violation among employers,” Neri said. “Because of this, members cannot avail of SSS benefits and loans during times of need.”
Employers are required to remit their workers’ SSS premiums on or before the tenth day of the following month. Delinquent companies are charged a three percent monthly penalty on late contributions under the law.
The state-run institution collected a total of P475.38 million last year from employers that responded to the demand letter sent by SSS lawyers. Companies sued by SSS paid a total of P321.39 million in 2008.
The SSS files charges against delinquent employers in court or before the Social Security Commission, the agency’s highest policy-making body which hears cases on SSS-related disputes.
Showing posts with label SSS. Show all posts
Showing posts with label SSS. Show all posts
Tuesday, March 31, 2009
Employer gets 7-year jail term for unpaid SSS premiums
A Quezon City trial court has sentenced a former school owner to maximum imprisonment of seven years and a P50,000 fine for failure to remit contribution payments of employees to the Social Security System (SSS), court records showed.
Regional Trial Court Judge Bayani Vargas found Lolita Albano, who used to own the Cainta, Rizal-based Twinpeak Learning Center, guilty of failure to remit P94,407 in delinquent SSS payments from July 1992 to June 1998.
“Since the prosecution was able to prove the guilt of the accused beyond reasonable doubt, this court could only hand down a guilty verdict,” the judge said.
The court ordered the arrest of Albano after she jumped bail and evaded the scheduled hearings since her arraignment on September 2000, which the judge found as an admission of guilt.
Albano ignored SSS’ billing and demand letters and made only one partial payment of P13,403 after the pension fund charged her in court. Florentino Alberva, the SSS account officer who handled the case, testified that an employee filed a complaint against Twinpeak on her unpaid contributions in 1998.
SSS Senior Vice President for Legal and Collection Group Amador Monteiro said the decision served as a warning to delinquent employers violating the Social Security Law, which provides imprisonment of up to 12 years.
“The law requires employers to pay SSS contributions on or before the tenth day after the applicable month,” Monteiro said. “Failure to do so denies workers access to SSS benefits and loans during times of financial need.”
SSS collects P797M, sues 1,600 delinquent employers
The Social Security System (SSS) has collected a total of P796.77 million in overdue contributions from delinquent employers last year after the agency took legal action against them, a top official said today.
SSS President and Chief Executive Officer Romulo Neri said the SSS has sued a total of 1,623 employers in 2008 for violations of the Social Security Law, which carry fines of up to P20,000 and a maximum imprisonment of 12 years.
Among those charged were more than 200 employers that failed to register and refused to present employment records to SSS account officers, who monitor companies’ compliance with the law.
“The rest of the cases were for non-remittance of contributions, which remains as the most common violation among employers,” Neri said. “Because of this, members cannot avail of SSS benefits and loans during times of need.”
Employers are required to remit their workers’ SSS premiums on or before the tenth day of the following month. Delinquent companies are charged a three percent monthly penalty on late contributions under the law.
The state-run institution collected a total of P475.38 million last year from employers that responded to the demand letter sent by SSS lawyers. Companies sued by SSS paid a total of P321.39 million in 2008.
The SSS files charges against delinquent employers in court or before the Social Security Commission, the agency’s highest policy-making body which hears cases on SSS-related disputes.
Regional Trial Court Judge Bayani Vargas found Lolita Albano, who used to own the Cainta, Rizal-based Twinpeak Learning Center, guilty of failure to remit P94,407 in delinquent SSS payments from July 1992 to June 1998.
“Since the prosecution was able to prove the guilt of the accused beyond reasonable doubt, this court could only hand down a guilty verdict,” the judge said.
The court ordered the arrest of Albano after she jumped bail and evaded the scheduled hearings since her arraignment on September 2000, which the judge found as an admission of guilt.
Albano ignored SSS’ billing and demand letters and made only one partial payment of P13,403 after the pension fund charged her in court. Florentino Alberva, the SSS account officer who handled the case, testified that an employee filed a complaint against Twinpeak on her unpaid contributions in 1998.
SSS Senior Vice President for Legal and Collection Group Amador Monteiro said the decision served as a warning to delinquent employers violating the Social Security Law, which provides imprisonment of up to 12 years.
“The law requires employers to pay SSS contributions on or before the tenth day after the applicable month,” Monteiro said. “Failure to do so denies workers access to SSS benefits and loans during times of financial need.”
SSS collects P797M, sues 1,600 delinquent employers
The Social Security System (SSS) has collected a total of P796.77 million in overdue contributions from delinquent employers last year after the agency took legal action against them, a top official said today.
SSS President and Chief Executive Officer Romulo Neri said the SSS has sued a total of 1,623 employers in 2008 for violations of the Social Security Law, which carry fines of up to P20,000 and a maximum imprisonment of 12 years.
Among those charged were more than 200 employers that failed to register and refused to present employment records to SSS account officers, who monitor companies’ compliance with the law.
“The rest of the cases were for non-remittance of contributions, which remains as the most common violation among employers,” Neri said. “Because of this, members cannot avail of SSS benefits and loans during times of need.”
Employers are required to remit their workers’ SSS premiums on or before the tenth day of the following month. Delinquent companies are charged a three percent monthly penalty on late contributions under the law.
The state-run institution collected a total of P475.38 million last year from employers that responded to the demand letter sent by SSS lawyers. Companies sued by SSS paid a total of P321.39 million in 2008.
The SSS files charges against delinquent employers in court or before the Social Security Commission, the agency’s highest policy-making body which hears cases on SSS-related disputes.
Law lacks provisions on unemployment insurance -- SSS
The Social Security law lacked provisions for unemployment benefits and contributions of workers were intended mainly to cover maternity, sickness, disability, retirement, death and funeral benefits, a top official said.
Social Security System (SSS) President and Chief Executive Officer Romulo Neri said a proposal to provide unemployment insurance to workers would require amending the Social Security Act of 1997.
“The contributions SSS collects at present only covers maternity, sickness, disability, retirement, death and funeral benefits of members and their beneficiaries, as provided by law,” he said.
Socioeconomic Planning Secretary Ralph Recto has proposed that SSS allot a total of P6 billion as temporary unemployment insurance for up to 200,000 workers, who lost their jobs as a result of the global economic crisis.
Laid off SSS members with contribution payments for at least two years would receive a monthly allowance of P5,000 or P10,000 for six months, Recto said, adding that the SSS board must look into implementing a program on unemployment insurance.
But Neri said the government must specify how unemployment benefits of members would be funded.
“This may be from government subsidies, like what developed countries do to support their unemployed workers, or by increasing contribution payments of members to cover the additional benefit,” Neri said.
Social Security System (SSS) President and Chief Executive Officer Romulo Neri said a proposal to provide unemployment insurance to workers would require amending the Social Security Act of 1997.
“The contributions SSS collects at present only covers maternity, sickness, disability, retirement, death and funeral benefits of members and their beneficiaries, as provided by law,” he said.
Socioeconomic Planning Secretary Ralph Recto has proposed that SSS allot a total of P6 billion as temporary unemployment insurance for up to 200,000 workers, who lost their jobs as a result of the global economic crisis.
Laid off SSS members with contribution payments for at least two years would receive a monthly allowance of P5,000 or P10,000 for six months, Recto said, adding that the SSS board must look into implementing a program on unemployment insurance.
But Neri said the government must specify how unemployment benefits of members would be funded.
“This may be from government subsidies, like what developed countries do to support their unemployed workers, or by increasing contribution payments of members to cover the additional benefit,” Neri said.
Law lacks provisions on unemployment insurance -- SSS
The Social Security law lacked provisions for unemployment benefits and contributions of workers were intended mainly to cover maternity, sickness, disability, retirement, death and funeral benefits, a top official said.
Social Security System (SSS) President and Chief Executive Officer Romulo Neri said a proposal to provide unemployment insurance to workers would require amending the Social Security Act of 1997.
“The contributions SSS collects at present only covers maternity, sickness, disability, retirement, death and funeral benefits of members and their beneficiaries, as provided by law,” he said.
Socioeconomic Planning Secretary Ralph Recto has proposed that SSS allot a total of P6 billion as temporary unemployment insurance for up to 200,000 workers, who lost their jobs as a result of the global economic crisis.
Laid off SSS members with contribution payments for at least two years would receive a monthly allowance of P5,000 or P10,000 for six months, Recto said, adding that the SSS board must look into implementing a program on unemployment insurance.
But Neri said the government must specify how unemployment benefits of members would be funded.
“This may be from government subsidies, like what developed countries do to support their unemployed workers, or by increasing contribution payments of members to cover the additional benefit,” Neri said.
Social Security System (SSS) President and Chief Executive Officer Romulo Neri said a proposal to provide unemployment insurance to workers would require amending the Social Security Act of 1997.
“The contributions SSS collects at present only covers maternity, sickness, disability, retirement, death and funeral benefits of members and their beneficiaries, as provided by law,” he said.
Socioeconomic Planning Secretary Ralph Recto has proposed that SSS allot a total of P6 billion as temporary unemployment insurance for up to 200,000 workers, who lost their jobs as a result of the global economic crisis.
Laid off SSS members with contribution payments for at least two years would receive a monthly allowance of P5,000 or P10,000 for six months, Recto said, adding that the SSS board must look into implementing a program on unemployment insurance.
But Neri said the government must specify how unemployment benefits of members would be funded.
“This may be from government subsidies, like what developed countries do to support their unemployed workers, or by increasing contribution payments of members to cover the additional benefit,” Neri said.
Tuesday, March 24, 2009
SSS eases requirements for summer training program
The Social Security System (SSS) has eased down the requirements for its summer training program for student-dependents of displaced workers to allow more applicants to qualify, a top official said.
SSS President and Chief Executive Officer Romulo Neri said siblings of displaced workers would be accepted in addition to children, nephews and nieces of laid off employees and students registered with SSS.
“We have also extended the application period to March 27 to give students more time to submit the required documents to the SSS branch where they want to be assigned,” he said.
Under the new guidelines, the applicant or the SSS member related to the student must have been laid off within the last 24 months due to the present economic crisis and has at least one contribution payment within the same period. A total of 2,000 trainees would be accepted in the program.
The SSS launched the summer training program as part of efforts to help its members and their families affected by the ongoing financial crisis, which has led to job losses here and abroad. Students must be enrolled in any semester for the school year 2008 to 2009 to be eligible.
“Aside from enjoying hands-on training on social security services, the selected students would also receive a P340 daily allowance,” Neri said.
Students must submit an application form with their birth certificate, latest school registration card, valid school ID, medical certificate and proof that they or their parent, sibling, uncle or aunt has lost their job. Application forms are available at any SSS branch and at the SSS website.
SSS President and Chief Executive Officer Romulo Neri said siblings of displaced workers would be accepted in addition to children, nephews and nieces of laid off employees and students registered with SSS.
“We have also extended the application period to March 27 to give students more time to submit the required documents to the SSS branch where they want to be assigned,” he said.
Under the new guidelines, the applicant or the SSS member related to the student must have been laid off within the last 24 months due to the present economic crisis and has at least one contribution payment within the same period. A total of 2,000 trainees would be accepted in the program.
The SSS launched the summer training program as part of efforts to help its members and their families affected by the ongoing financial crisis, which has led to job losses here and abroad. Students must be enrolled in any semester for the school year 2008 to 2009 to be eligible.
“Aside from enjoying hands-on training on social security services, the selected students would also receive a P340 daily allowance,” Neri said.
Students must submit an application form with their birth certificate, latest school registration card, valid school ID, medical certificate and proof that they or their parent, sibling, uncle or aunt has lost their job. Application forms are available at any SSS branch and at the SSS website.
Monday, March 02, 2009
SSS to hire dependents of displaced workers
Social Security System (SSS) planned to hire for summer training 2,000 student-dependents of workers who were separated from employment as a result of the present economic crisis, a ranking official said.
SSS President and Chief Executive Officer Romulo Neri said the students would be hired as summer trainees for about two months and would receive hands-on training on the implementation of social security programs.
“Children, nieces and nephews of laid off SSS members as well as students registered with the SSS are eligible for the program,” he said, adding that the members should have paid at least one contribution as of December 31 last year.
The program aims to help workers that were laid off in the last twelve months due to closure, downsizing or temporary suspension of operations by companies affected by the present economic crisis.
Students can submit their applications to the manager’s office of the SSS branch where they intend to work from March 2 to 13 and present their birth certificate, latest school registration card, valid school ID, medical certificate and proof of separation from employment.
Applicants already registered with SSS should also bring their SSS biometric identification card or their Personal Record (E-1) Form. Those selected would be given an orientation before the training program starts in April, Neri said.
“To be eligible, applicants should be 18 to 35 years old and enrolled in any semester for the present school year,” he said. “They should also be computer literate because part of their duties is to help employers use electronic facilities in remitting and reporting SSS payments.”
The trainees would also help SSS account officers sort and file records on SSS delinquency cases and assist members using self-service facilities in branches.
SSS President and Chief Executive Officer Romulo Neri said the students would be hired as summer trainees for about two months and would receive hands-on training on the implementation of social security programs.
“Children, nieces and nephews of laid off SSS members as well as students registered with the SSS are eligible for the program,” he said, adding that the members should have paid at least one contribution as of December 31 last year.
The program aims to help workers that were laid off in the last twelve months due to closure, downsizing or temporary suspension of operations by companies affected by the present economic crisis.
Students can submit their applications to the manager’s office of the SSS branch where they intend to work from March 2 to 13 and present their birth certificate, latest school registration card, valid school ID, medical certificate and proof of separation from employment.
Applicants already registered with SSS should also bring their SSS biometric identification card or their Personal Record (E-1) Form. Those selected would be given an orientation before the training program starts in April, Neri said.
“To be eligible, applicants should be 18 to 35 years old and enrolled in any semester for the present school year,” he said. “They should also be computer literate because part of their duties is to help employers use electronic facilities in remitting and reporting SSS payments.”
The trainees would also help SSS account officers sort and file records on SSS delinquency cases and assist members using self-service facilities in branches.
Wednesday, February 04, 2009
SSS cites requirements to invest in stimulus fund
The Social Security System (SSS) laid out yesterday the conditions for its investment in the P100 billion infrastructure components of the proposed P300 billion economic stimulus package of the government, a senior official said.
SSS President and Chief Executive Officer Romulo Neri said its investment will require full government guarantee and a return commensurate to the risk and tenor of the investment.
“We require full government guarantee to make sure the SSS gets its money back with adequate returns,” Neri said. “This is a requirement mandated by the SSS charter.”
But details of the stimulus program have not been finalized and SSS has not made any formal commitment, he said, “although we feel it’s a good program and would be willing to support it.”
The stimulus package was intended to pump prime the Philippine economy as buffer against the effects of a global economic crisis, which can lead to thousands of Filipinos losing their jobs here and abroad.
The Philippine Chamber of Commerce and Industry, the proponent of the stimulus program, sought to split the P100 billion infrastructure funding between the government and private sectors.
The public sector’s P50-billion share would come from SSS, Government Service Insurance System, Land Bank and Development Bank of the Philippines at P12.5 billion each.
He urged critics to study the SSS charter, which specifies the manner and limits on the Fund’s investments, and “to stop spreading speculations that only misinform and confuse the public.”
SSS President and Chief Executive Officer Romulo Neri said its investment will require full government guarantee and a return commensurate to the risk and tenor of the investment.
“We require full government guarantee to make sure the SSS gets its money back with adequate returns,” Neri said. “This is a requirement mandated by the SSS charter.”
But details of the stimulus program have not been finalized and SSS has not made any formal commitment, he said, “although we feel it’s a good program and would be willing to support it.”
The stimulus package was intended to pump prime the Philippine economy as buffer against the effects of a global economic crisis, which can lead to thousands of Filipinos losing their jobs here and abroad.
The Philippine Chamber of Commerce and Industry, the proponent of the stimulus program, sought to split the P100 billion infrastructure funding between the government and private sectors.
The public sector’s P50-billion share would come from SSS, Government Service Insurance System, Land Bank and Development Bank of the Philippines at P12.5 billion each.
He urged critics to study the SSS charter, which specifies the manner and limits on the Fund’s investments, and “to stop spreading speculations that only misinform and confuse the public.”
Monday, January 26, 2009
SSS Infrastructure Investments to Earn Benchmark Rates
The Social Security System’s (SSS) participation in the government’s proposed P300-billion economic stimulus fund would be purely an investment which is expected to earn a reasonable yield based on benchmark rates, a top official said.
SSS President and Chief Executive Officer Romulo Neri said the Social Security Commission—SSS’ policy-making body composed of representatives of workers, employers and the government—would approve the projects to be funded under the program.
“We are treating this purely as an investment with a two-pronged objective: to earn money and to create jobs, which means bringing in more SSS members,” he said. “It is not free nor a dole-out.”
The proposed stimulus package would be funded by the government and private sectors. It aims to pump-prime the local economy amid the global financial slowdown.
SSS eyes an investment of about P12 billion or one-fourth of the government financial institutions’ share of infrastructure projects. Under the Social Security Law, the SSS can finance domestic infrastructure projects provided that the investment shall be guaranteed by the Philippine government.
“Our charter allows SSS to invest in roads, bridges and other similar projects,” Neri said. “The SSS law also provides safeguards to protect the investments.”
SSS President and Chief Executive Officer Romulo Neri said the Social Security Commission—SSS’ policy-making body composed of representatives of workers, employers and the government—would approve the projects to be funded under the program.
“We are treating this purely as an investment with a two-pronged objective: to earn money and to create jobs, which means bringing in more SSS members,” he said. “It is not free nor a dole-out.”
The proposed stimulus package would be funded by the government and private sectors. It aims to pump-prime the local economy amid the global financial slowdown.
SSS eyes an investment of about P12 billion or one-fourth of the government financial institutions’ share of infrastructure projects. Under the Social Security Law, the SSS can finance domestic infrastructure projects provided that the investment shall be guaranteed by the Philippine government.
“Our charter allows SSS to invest in roads, bridges and other similar projects,” Neri said. “The SSS law also provides safeguards to protect the investments.”
Thursday, November 20, 2008
SSS Collects P1.77B in Southern Tagalog
SAN PABLO CITY, Laguna - The Social Security System (SSS) branches in the Southern Tagalog region collected a total of P1.77 billion during the first three quarters of 2008, which was 55 percent more compared with the same period last year, a top official said.
Secretary Romulo Neri, SSS President and Chief Executive Officer, said payments for contributions made up 65 percent of the total collections in the area and the rest are loan amortizations and other fees.
“More members are now paying through SSS branch tellers, which offer quicker processing and posting of payments in our database,” he said.
The SSS verifies members’ eligibility for loans and benefits through the agency’s electronic database, where payments for contributions and loans are posted.
The state-run institution launched its branch teller program in 2002 to make payment convenient for members, especially those from the provinces. A total of 89 SSS branches nationwide accept payments at present.
SSS branches with teller facilities in the area are Bacoor and Rosario-Economic Processing Zone Authority (EPZA) in Cavite; Batangas City and Lipa in Batangas; Biñan, Calamba and San Pablo in Laguna; Boac in Marinduque; Calapan in Oriental Mindoro; Lucena in Quezon; and Puerto Princesa in Palawan.
“Aside from SSS branches, members can also remit payments through accredited banks, Bayad Centers, participating SM malls and authorized third-party agents,” he said.
The pension fund has over 1.6 million registered members in the Southern Tagalog region, about 1.2 million of which are regular employees.
Secretary Romulo Neri, SSS President and Chief Executive Officer, said payments for contributions made up 65 percent of the total collections in the area and the rest are loan amortizations and other fees.
“More members are now paying through SSS branch tellers, which offer quicker processing and posting of payments in our database,” he said.
The SSS verifies members’ eligibility for loans and benefits through the agency’s electronic database, where payments for contributions and loans are posted.
The state-run institution launched its branch teller program in 2002 to make payment convenient for members, especially those from the provinces. A total of 89 SSS branches nationwide accept payments at present.
SSS branches with teller facilities in the area are Bacoor and Rosario-Economic Processing Zone Authority (EPZA) in Cavite; Batangas City and Lipa in Batangas; Biñan, Calamba and San Pablo in Laguna; Boac in Marinduque; Calapan in Oriental Mindoro; Lucena in Quezon; and Puerto Princesa in Palawan.
“Aside from SSS branches, members can also remit payments through accredited banks, Bayad Centers, participating SM malls and authorized third-party agents,” he said.
The pension fund has over 1.6 million registered members in the Southern Tagalog region, about 1.2 million of which are regular employees.
Wednesday, November 19, 2008
Major IT Upgrade to Boost SSS Operations
SAN PABLO CITY, Laguna - The Social Security System has started an extensive upgrading of its information technology facilities to make it run applications faster and handle more transactions, a top official said.
SSS President and Chief Executive Officer Romulo Neri said SSS has been acquiring new hardware as part of a major mainframe overhaul, which the pension fund expects to complete by the second quarter of 2009.
He said the improvements would result in upgraded software applications, which include programs such as contribution posting, online inquiry and benefit claims processing.
“This is a big boost to SSS operations. It enables us to keep up with a growing membership, which is about 28 million at present,” Neri said.
“One immediate effect in the foreseeable future is self-service capabilities in which members can remit contributions, get quick confirmation of posted payments and check easily their eligibility for loans and benefits without going to an SSS office,” he said.
Neri and other senior SSS officials motored to San Pablo, a major industrial center south of Manila, to inaugurate a major IT facility and confer with big employers on SSS-related matters.
With a new computer system, SSS can start modifying its current applications and incorporate new features, such as the self-service capabilities, with an improved business recovery system in place to protect members’ data from loss or damage due to man-made or natural disasters such as fires and earthquakes.
Neri said SSS is also acquiring new high-powered servers to prevent downtimes or temporary stoppages, which were recurring problems in the old system due to the aging equipment and the increasing volume of transactions.
SSS President and Chief Executive Officer Romulo Neri said SSS has been acquiring new hardware as part of a major mainframe overhaul, which the pension fund expects to complete by the second quarter of 2009.
He said the improvements would result in upgraded software applications, which include programs such as contribution posting, online inquiry and benefit claims processing.
“This is a big boost to SSS operations. It enables us to keep up with a growing membership, which is about 28 million at present,” Neri said.
“One immediate effect in the foreseeable future is self-service capabilities in which members can remit contributions, get quick confirmation of posted payments and check easily their eligibility for loans and benefits without going to an SSS office,” he said.
Neri and other senior SSS officials motored to San Pablo, a major industrial center south of Manila, to inaugurate a major IT facility and confer with big employers on SSS-related matters.
With a new computer system, SSS can start modifying its current applications and incorporate new features, such as the self-service capabilities, with an improved business recovery system in place to protect members’ data from loss or damage due to man-made or natural disasters such as fires and earthquakes.
Neri said SSS is also acquiring new high-powered servers to prevent downtimes or temporary stoppages, which were recurring problems in the old system due to the aging equipment and the increasing volume of transactions.
SSS Pays P1.18B for Benefits in Southern Tagalog
SAN PABLO CITY, Laguna - Benefit payments for the Social Security System’s (SSS) members at the Southern Tagalog region totaled P1.18 billion for the first nine months of the year, which was 12 percent higher compared with the P1.05 billion it paid during the same period in 2007, a top official said.
SSS President and Chief Executive Officer Romulo Neri said maternity benefits, which rose by 8 percent from P278.43 million in 2007 to P300.61 million this year, made up the biggest share of the total at 26 percent.
“We urge our members to remit contributions regularly so they could avail of SSS benefits, which help ease their financial burden in times of great need,” he said.
Death claims, which comprised 18 percent of total disbursements for the area, increased by 10 percent to P216.41 million from P197.14 million in 2007. Survivors of members who had paid a minimum of 36 contributions receive monthly pensions, while those with less are entitled to a lump sum benefit.
Neri said the pension fund also paid 19 percent more or P267.81 million for retirement benefits and 8 percent more for funeral claims, which totaled P221.14 million.
Disbursements for sickness claims amounted to P111.09 million, up 15 percent from P96.71 million last year. Disability benefits, which comprised only 5 percent of the total, increased by 27 percent to P60.81 million.
SSS members from the Southern Tagalog region fall under the pension fund’s South Luzon Cluster, which holds its primary office at the SSS San Pablo branch in Laguna.
The institution has over 1.6 million members under its South Luzon Cluster, about 75 percent of which are regular employees. Over 400,000 self-employed members in the region are also registered as SSS members.
SSS President and Chief Executive Officer Romulo Neri said maternity benefits, which rose by 8 percent from P278.43 million in 2007 to P300.61 million this year, made up the biggest share of the total at 26 percent.
“We urge our members to remit contributions regularly so they could avail of SSS benefits, which help ease their financial burden in times of great need,” he said.
Death claims, which comprised 18 percent of total disbursements for the area, increased by 10 percent to P216.41 million from P197.14 million in 2007. Survivors of members who had paid a minimum of 36 contributions receive monthly pensions, while those with less are entitled to a lump sum benefit.
Neri said the pension fund also paid 19 percent more or P267.81 million for retirement benefits and 8 percent more for funeral claims, which totaled P221.14 million.
Disbursements for sickness claims amounted to P111.09 million, up 15 percent from P96.71 million last year. Disability benefits, which comprised only 5 percent of the total, increased by 27 percent to P60.81 million.
SSS members from the Southern Tagalog region fall under the pension fund’s South Luzon Cluster, which holds its primary office at the SSS San Pablo branch in Laguna.
The institution has over 1.6 million members under its South Luzon Cluster, about 75 percent of which are regular employees. Over 400,000 self-employed members in the region are also registered as SSS members.
Thursday, October 09, 2008
SSS to Philex: Observe Pre-emptive Rights
Social Security Commission, the policy-making body of the country’s largest pension fund, said Philiex Mining Corp must follow procedures in disposing its shares to the public.
Social Security Commission Chairman Thelmo Cunanan said the pre-emptive right of a shareholder, as provided by the company’s charter, must be observed to avoid future complications on the sale.
“The pre-emptive right of a shareholder has not been denied by the company’s charter and ratified by the shareholders as required by law, so it must be observed,” Cunanan said.
Philex Mining Corp, the country’s oldest and largest mining company, announced early this week a bloc sale of 20 percent of the company shares to the First Pacific of Hong Kong.
SSS President Romulo Neri indicated that Philex must comply with pre-emptive rights of all shareholders, including the SSS.
Cunanan, who heads the fund’s nine member tripartite commission representing labor, management and government, said Neri’s good faith objection was a valid exercise of his duties as a director of the company.
“Neri raised a valid issue of pre-emptive rights of shareholders , which could derail a potentially beneficial deal for Philex. In fact, he was acting in the best interest of Philex and the SSS,” he said.
Social Security Commission Chairman Thelmo Cunanan said the pre-emptive right of a shareholder, as provided by the company’s charter, must be observed to avoid future complications on the sale.
“The pre-emptive right of a shareholder has not been denied by the company’s charter and ratified by the shareholders as required by law, so it must be observed,” Cunanan said.
Philex Mining Corp, the country’s oldest and largest mining company, announced early this week a bloc sale of 20 percent of the company shares to the First Pacific of Hong Kong.
SSS President Romulo Neri indicated that Philex must comply with pre-emptive rights of all shareholders, including the SSS.
Cunanan, who heads the fund’s nine member tripartite commission representing labor, management and government, said Neri’s good faith objection was a valid exercise of his duties as a director of the company.
“Neri raised a valid issue of pre-emptive rights of shareholders , which could derail a potentially beneficial deal for Philex. In fact, he was acting in the best interest of Philex and the SSS,” he said.
SSS Cites Pre-emptive Right in Philex Shares
Social Security System called on a mining corporation, on which it owns substantial shares of stocks, to recognize its pre-emptive right on holdings that the company is selling to the public.
SSS President and Chief Executive Officer Romulo Neri said the institution has 23 percent shares in Philex Mining Corporation, and it aims to protect the interest of its members as provided under corporate laws.
“We exercise this pre-emptive right as matter of good governance,” Neri said. “Our action aims to protect the interest of SSS members and other Philex shareholders.”
The Hong Kong-listed First Pacific acquired a 20-percent stake in Philex Mining Corporation, according to news reports. The purchase makes the conglomerate one of the major shareholders in the company.
SSS owns 714.43 million Philex shares, which is equivalent to a 23.03 percent stake. The pension fund has two board seats in the corporation.
Neri said his actions were in accordance with the instructions from the Social Security Commission, which is SSS’ highest policy-making body and is mandated to ensure the protection of the value of the investments, which were taken from the contributions of its 27 million members.
“Our goal is not to stop the deal, but for SSS to be given the opportunity to exercise this pre-emptive right,” he said, adding that the exercise of this right is stipulated under Section 39 of the Corporation Code.
“We simply request that the procedures as mandated by law are followed,” he said.
SSS President and Chief Executive Officer Romulo Neri said the institution has 23 percent shares in Philex Mining Corporation, and it aims to protect the interest of its members as provided under corporate laws.
“We exercise this pre-emptive right as matter of good governance,” Neri said. “Our action aims to protect the interest of SSS members and other Philex shareholders.”
The Hong Kong-listed First Pacific acquired a 20-percent stake in Philex Mining Corporation, according to news reports. The purchase makes the conglomerate one of the major shareholders in the company.
SSS owns 714.43 million Philex shares, which is equivalent to a 23.03 percent stake. The pension fund has two board seats in the corporation.
Neri said his actions were in accordance with the instructions from the Social Security Commission, which is SSS’ highest policy-making body and is mandated to ensure the protection of the value of the investments, which were taken from the contributions of its 27 million members.
“Our goal is not to stop the deal, but for SSS to be given the opportunity to exercise this pre-emptive right,” he said, adding that the exercise of this right is stipulated under Section 39 of the Corporation Code.
“We simply request that the procedures as mandated by law are followed,” he said.
Thursday, September 25, 2008
SSS targets record P26B income from investments
Social Security System President and Chief Executive Officer Romulo Neri said the pension fund remained on target to achieve a record P26.1 billion investment income this year, despite the meltdown of the financial markets in the United States, which has affected other economies in the world.
“Our present investments amounting to P216.9 billion are all in the local markets. These include government securities, which are virtually risk-free, and shares of stocks of blue-chip companies, corporate debts, housing and member loans and properties,” he said.
SSS’ funds are invested in accordance with its charter, which has put caps on investments here and abroad, Neri said.
The institution has the mandate to invest up to 7.5 percent of its reserve fund overseas, but it stayed away because of unfavorable investment climate and global turbulence. Instead, the SSS decided to optimize earnings in the local market.
In line with its P26.1 billion target for the year, the state-run SSS already earned a total of P21.0 billion in investments from January to July 2008.
Income from equities alone totaled P14.2 billion, which was 28 percent more compared with the same period last year. Earnings from government securities rose by 40 percent, amounting to P3.7 billion.
Under the Social Security Law, the SSS could only buy shares of stocks in companies which has paid dividends at least once and has posted profits during the last three years, Neri said.
“Our charter, which is very strict, allows us to invest only in companies with proven profitability and viability,” he said, adding that the fund was able to weather similar market shocks in the past such as the Asian financial crisis in 1997.
“Our present investments amounting to P216.9 billion are all in the local markets. These include government securities, which are virtually risk-free, and shares of stocks of blue-chip companies, corporate debts, housing and member loans and properties,” he said.
SSS’ funds are invested in accordance with its charter, which has put caps on investments here and abroad, Neri said.
The institution has the mandate to invest up to 7.5 percent of its reserve fund overseas, but it stayed away because of unfavorable investment climate and global turbulence. Instead, the SSS decided to optimize earnings in the local market.
In line with its P26.1 billion target for the year, the state-run SSS already earned a total of P21.0 billion in investments from January to July 2008.
Income from equities alone totaled P14.2 billion, which was 28 percent more compared with the same period last year. Earnings from government securities rose by 40 percent, amounting to P3.7 billion.
Under the Social Security Law, the SSS could only buy shares of stocks in companies which has paid dividends at least once and has posted profits during the last three years, Neri said.
“Our charter, which is very strict, allows us to invest only in companies with proven profitability and viability,” he said, adding that the fund was able to weather similar market shocks in the past such as the Asian financial crisis in 1997.
Wednesday, September 24, 2008
SSS Statement on its Financial Condition
Pension fund Social Security System said on September 17, 2008 that all its investments are in the local market, which has been profitable, and it expects to earn a record of P26 billion income from investments this year.
Although the pension fund is allowed to invest abroad, it has not done so because of the unfavorable investment climate, SSS spokesman Joel Palacios said.
Although the pension fund is allowed to invest abroad, it has not done so because of the unfavorable investment climate, SSS spokesman Joel Palacios said.
Friday, September 19, 2008
Employer Gets 8 Years for Unpaid SSS Contributions
A trial court sentenced the owner of a Quezon City-based food company to a maximum of eight years in jail for failure to pay contributions to the Social Security System (SSS) for more than two years.
Judge Vivencio Baclig also ordered Norma Flores, President of the Royal East Food Corporation, to pay a total of P94,874 in unpaid contributions including the three percent monthly penalty, and P20,000 fine.
“The evidence for the prosecution clearly show that the Royal East Food Corporation was delinquent in the remittance of the contributions it is mandated to pay to the SSS,” Baclig said in his three-page decision.
The court found Royal East delinquent in remitting employees’ SSS contributions from December 1998 to October 2001. Flores pleaded not guilty during her arraignment on February 2004, but she failed to present evidence for her defense.
In his testimony, SSS account officer Enrique del Carmen said the company failed to comply with its own proposal to pay the delinquency by installment, and the pension fund went to court in 2002.
Employers who violate the Social Security Law face up to 12 years in prison and fines ranging from P5,000 to P20,000 on top of the corresponding penalties.
Under the law, employers should pay premiums on or before the 10th day after the applicable month to avoid a three percent monthly penalty.
Judge Vivencio Baclig also ordered Norma Flores, President of the Royal East Food Corporation, to pay a total of P94,874 in unpaid contributions including the three percent monthly penalty, and P20,000 fine.
“The evidence for the prosecution clearly show that the Royal East Food Corporation was delinquent in the remittance of the contributions it is mandated to pay to the SSS,” Baclig said in his three-page decision.
The court found Royal East delinquent in remitting employees’ SSS contributions from December 1998 to October 2001. Flores pleaded not guilty during her arraignment on February 2004, but she failed to present evidence for her defense.
In his testimony, SSS account officer Enrique del Carmen said the company failed to comply with its own proposal to pay the delinquency by installment, and the pension fund went to court in 2002.
Employers who violate the Social Security Law face up to 12 years in prison and fines ranging from P5,000 to P20,000 on top of the corresponding penalties.
Under the law, employers should pay premiums on or before the 10th day after the applicable month to avoid a three percent monthly penalty.
Monday, August 18, 2008
SSS benefit payments hit P33B in 1st half
Social Security System released a total of P33.41 billion for members’ benefits during the first half of the year, which was 16 percent more than the P28.80 billion it disbursed for the same period in 2007, a top official said.
SSS President and Chief Executive Officer Romulo Neri said nearly half of the total, or P16.0 billion, went to retirement benefits which increased by 18 percent from P13.54 billion in 2007.
“SSS has been working hard to remain financially viable so we can continually make benefits more meaningful and available to more members,” he said.
Payments for retirement, death, maternity and sickness posted double- digit increases during the first six months of 2008. Retirement and death claims made up 84 percent of the total disbursements for the period.
Death claims, which like retirement and disability benefits are paid in lump sum or as monthly pension, increased by 16 percent to P12.08 billion from P10.38 billion last year.
Maternity benefits rose by 18 percent to P1.67 billion from P1.41 billion, and sickness claims grew by 11 percent to P869.44 million from P782.89 million. The SSS grants maternity and sickness benefits to eligible members who are temporarily unable to work due to illness
or pregnancy.
The institution, which would be celebrating its 51st anniversary on September 1, disbursed 7 percent more for funeral benefits amounting to P1.14 billion this year from P1.07 billion in 2007.
Neri said the SSS also paid 3 percent more for disability benefits, which totaled P1.64 billion from P1.59 billion last year.
“We urge members to pay contributions regularly to qualify for our benefits in times of financial contingencies,” he said. “Members who pay more contributions are entitled to higher SSS benefits.”
SSS President and Chief Executive Officer Romulo Neri said nearly half of the total, or P16.0 billion, went to retirement benefits which increased by 18 percent from P13.54 billion in 2007.
“SSS has been working hard to remain financially viable so we can continually make benefits more meaningful and available to more members,” he said.
Payments for retirement, death, maternity and sickness posted double- digit increases during the first six months of 2008. Retirement and death claims made up 84 percent of the total disbursements for the period.
Death claims, which like retirement and disability benefits are paid in lump sum or as monthly pension, increased by 16 percent to P12.08 billion from P10.38 billion last year.
Maternity benefits rose by 18 percent to P1.67 billion from P1.41 billion, and sickness claims grew by 11 percent to P869.44 million from P782.89 million. The SSS grants maternity and sickness benefits to eligible members who are temporarily unable to work due to illness
or pregnancy.
The institution, which would be celebrating its 51st anniversary on September 1, disbursed 7 percent more for funeral benefits amounting to P1.14 billion this year from P1.07 billion in 2007.
Neri said the SSS also paid 3 percent more for disability benefits, which totaled P1.64 billion from P1.59 billion last year.
“We urge members to pay contributions regularly to qualify for our benefits in times of financial contingencies,” he said. “Members who pay more contributions are entitled to higher SSS benefits.”
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